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Judgment & ambiguity · When to act

A goodwill or long-lived asset impairment could be triggered — the business unit missed its forecast for two quarters and a competitor just cut prices, but management insists the plan still holds. Do you test for impairment now or wait for the annual test?

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Two missed quarters plus an adverse competitive move is a triggering event, so I test now rather than waiting for the annual date — the calendar doesn't override the standard, and

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